Huaneng Power International, Inc. (the "Company") (NYSE: HNP; HKEx: 902; SSE: 600011) announced Thusday that the Company completed the transaction of acquisition of the interests in Time Shipping and Hainan Nuclear.
 
On December 1, 2010, the Company entered into an "agreement relating to the transfer of a 50% interest in Shanghai Time Shipping Co., Ltd. between Huaneng Energy & Communications Holdings Co., Ltd. and Huaneng Power International, Inc." with Huaneng Energy & Communications Holdings Co., Ltd. ("HEC") and an "agreement relating to the transfer of a 30% interest in Hainan Nuclear Power Co., Ltd. between China Huaneng Group Corporation and Huaneng Power International, Inc." with China Huaneng Group Corporation ("Huaneng Group"), respectively (the above mentioned two agreements are collectively referred to as the "Transfer Agreements"). Pursuant to the Transfer Agreements, the Company had paid the acquisition consideration of RMB1.058 billion and RMB0.174 billion (in aggregate, RMB1.232 billion) to HEC and Huaneng Group, respectively.
 
The conditions precedent specified in the Transfer Agreements had been satisfied. The Company had paid the consideration relating to the acquisitions in full to HEC and Huaneng Group pursuant to the Transfer Agreements.
 
Upon completion of the transfer, the Company will own 50% of the registered capital in Shanghai Time Shipping Co., Ltd. and 30% of the registered capital in Hainan Nuclear Power Co., Ltd.
 
 
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